Intech Investment Management LLC Lowers Position in NOV Inc. (NYSE:NOV)

Intech Investment Management LLC lessened its stake in NOV Inc. (NYSE:NOV) by 78.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,922 shares of the oil and gas exploration company’s stock after selling 51,588 shares during the period. Intech Investment Management LLC’s holdings in NOV were worth $222,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in NOV. Mather Group LLC. grew its holdings in NOV by 17.2% in the 2nd quarter. Mather Group LLC. now owns 5,706 shares of the oil and gas exploration company’s stock worth $111,000 after acquiring an additional 839 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of NOV by 18.2% during the second quarter. GAMMA Investing LLC now owns 5,496 shares of the oil and gas exploration company’s stock valued at $104,000 after acquiring an additional 848 shares in the last quarter. Truist Financial Corp raised its holdings in NOV by 3.4% in the 2nd quarter. Truist Financial Corp now owns 29,729 shares of the oil and gas exploration company’s stock worth $565,000 after purchasing an additional 991 shares in the last quarter. HM Payson & Co. increased its position in shares of NOV by 2.1% during the third quarter. HM Payson & Co. now owns 49,000 shares of the oil and gas exploration company’s stock valued at $783,000 after buying an additional 1,000 shares during the period. Finally, KBC Group NV raised its position in shares of NOV by 11.8% in the 3rd quarter. KBC Group NV now owns 11,060 shares of the oil and gas exploration company’s stock worth $177,000 after acquiring an additional 1,163 shares in the last quarter. Institutional investors own 93.27% of the company’s stock.

Insider Buying and Selling at NOV

In related news, Director David D. Harrison sold 1,784 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $16.10, for a total value of $28,722.40. Following the completion of the transaction, the director now directly owns 110,951 shares of the company’s stock, valued at $1,786,311.10. This trade represents a 1.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NOV. Bank of America lowered their target price on shares of NOV from $22.00 to $20.00 and set a “buy” rating for the company in a report on Monday, October 14th. Barclays reduced their price objective on shares of NOV from $17.00 to $16.00 and set an “underweight” rating for the company in a research note on Tuesday, October 29th. Wells Fargo & Company lowered their price objective on NOV from $16.00 to $15.00 and set an “underweight” rating on the stock in a research report on Monday, November 4th. BMO Capital Markets dropped their price objective on NOV from $22.00 to $20.00 and set a “market perform” rating on the stock in a research report on Thursday, October 10th. Finally, Citigroup cut shares of NOV from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $21.00 to $18.00 in a report on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $21.64.

NOV Stock Down 1.3 %

NYSE:NOV opened at $15.63 on Friday. The stock has a fifty day simple moving average of $15.97 and a 200-day simple moving average of $17.27. The company has a current ratio of 2.57, a quick ratio of 1.65 and a debt-to-equity ratio of 0.26. The company has a market cap of $6.08 billion, a price-to-earnings ratio of 5.85, a price-to-earnings-growth ratio of 0.94 and a beta of 1.66. NOV Inc. has a twelve month low of $14.98 and a twelve month high of $21.23.

NOV Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a $0.075 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.30 annualized dividend and a dividend yield of 1.92%. NOV’s payout ratio is presently 11.07%.

NOV Profile

NOV Inc designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors in the United States and internationally. It operates through two segments, Energy Equipment, and Energy Products and Services. The company provides solids control and waste management equipment and services, managed pressure drilling, drilling fluids, premium drillpipe, wired pipe, drilling optimization services, tubular inspection and coating services, instrumentation, downhole tools, and drill bits.